The Clorox Company 2015 CAGNY Conference Boca Raton, FL Benno Dorer Chief Executive Officer Safe Harbor Except for historical information, matters discussed in this presentation, including statements about the success of the Company’s future volume, sales, costs, cost savings, earnings, cash flows, plans, objectives, expectations, growth or profitability, are forward-looking statements based on management’s estimates, assumptions and projections. Important factors that could affect performance and cause results to differ materially from management’s expectations are described in the Company’s most recent Form 10-K filed with the SEC, as updated from time to time in the Company's SEC filings. Those factors include, but are not limited to, risks related to international operations, including price controls and foreign currency fluctuations; competition in the Company’s markets; changes in the Company’s leadership; economic conditions and financial market volatility; volatility and increases in commodity, energy and other costs; the Company’s ability to drive sales growth and increase market share; dependence on key customers; government regulations; political, legal and tax risks; supply disruptions; the success of the Company’s business strategies and products; product liability claims, labor claims and other legal proceedings; risks relating to acquisitions, new ventures and divestitures; information technology security breaches or cyber attacks; the Company’s business reputation; environmental matters; the Company’s ability to assert and defend its intellectual property rights; and the impacts of potential stockholder activism. The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company may also use non-GAAP financial measures, which could differ from reported results using Generally Accepted Accounting Principles (GAAP). The most directly comparable GAAP financial measures and reconciliation to non-GAAP financial measures are set forth in the Appendix hereto, the Supplemental Schedules of the Company’s quarterly financial results and in the Company’s SEC filings, including its Form 10-K and its exhibits furnished to the SEC, which are posted at www.TheCloroxCompany.com in the Investors/Financial Information/Financial Results and SEC Filings sections, respectively. Key Messages • Strategy 2020 is our focus • Investments behind profitable growth are working • Introducing Strategy Accelerators • FY15 Outlook reflects a balanced view of macro- economic factors • Long-term investment case remains solid Big Share Brands in Mid-Sized Categories (FY14 Sales: $5.5B) Over 80% of the Portfolio has #1 or #2 Share International : 20% Cleaning : 32% Home Care 17% International 20% Burt's Bees 4% Laundry 10% Brita 4% Professional 5% Food 9% Glad 14% Charcoal 10% Lifestyle : 17% Litter 7% Household : 31% Big Share Brands → Significant Synergies Advantage Over Less-Scaled Competitors Same Customer Set Scale in Supply Chain Brand Building Capabilities . Dedicated Customer Teams . Buying Power . 3D Demand Creation Model . Same Broker Network . World Class Manufacturing . Common Consumer . Center Store Leading Megatrends Brands . Optimized Transportation & Warehousing . Strong Cost Savings . Common Consumer / Program Shopper insights Health & Wellness Sustainability Multicultural Affordability . Over 80% of our portfolio has #1 or #2 share . Lower Sales & Admin Expense as a % of Sales vs. Peers (1) . Category captaincies at key customers . Majority share of voice Portfolio Supported by Consumer Megatrends Health & Wellness Sustainability MEGA TRENDS Fragmentation Affordability Advantaged Portfolio Big Share Brands in Mid-Sized Categories Clorox Smaller Players 23% 32% Clorox Share is Private ~3X Competitor E Label the size of next 3% 20% branded competitor Competitor D 4% Competitor C Competitor B Competitor A 5% 5% 8% Note: Clorox share excludes Kitchen Bouquet, Salad Crispins, Salad Kits, Veggie Kits, LDL, Laundry Detergent, Washing Machine Cleaners, Wash N Dri, Glad Straws, Cooking Bags, Litter Additives & Equipment and Burt's Bees. Source: IRI Infoscan Data - Total U.S. Multi-Outlet (Food/Drug/Mass + Walmart + Sam's + BJ's + Family Dollar + Dollar General + Fred's + DeCA.) for 52 weeks ending 12/212014. Advantaged Portfolio Strong Position in Categories with Private Label Exposure Bleach Trash Bags Charcoal (Clorox 59% (Glad 32% (Kingsford 73% PL 37%) PL 43%) PL 20%) 80% 60% 40% Kingsford Clorox Valley Brita 20% PL PL Pur Glad Tidy Cats Tidy PL A&H PL RB P&G Kraft Hefty Clorox Hidden Hidden Clorox SCJ 0% PL Bleach Home Care Water Filtration Trash Bags Cat Litter Salad Dressing Charcoal Clorox shares excludes Kitchen Bouquet, Salad Crispins, Salad Kits, Veggie Kits, LDL, Laundry Detergent, Washing Machine Cleaners, Wash N Dri, Glad Straws, Cooking Bags, Litter Additives & Equipment and Burt's Bees. Source: IRI Infoscan Data - Total U.S. Multi-Outlet (Food/Drug/Mass + Walmart + Sam's + BJ's + Family Dollar + Dollar General + Fred's + DeCA.) for 52 weeks ended 12/21/2014. Remain Committed to Strategy 2020 Accelerate Profitable Growth MISSION • “We make everyday life better, everyday” • Maximize economic profit across categories, channels and OBJECTIVES countries • Big-share brands in mid-sized categories and countries • Grow Sales 3% to 5% per year 2020 GOALS • Expand EBIT Margin 25 to 50 bps per year • Free Cash Flow 10%+ of Sales per year Strategy 2020 Accelerators Goal: Accelerate Profitable Growth Portfolio 3D Technology 3D Growth Momentum Transformation Innovation Culture Strategy 2020 Strategy 2020 Accelerators Goal: Accelerate Profitable Growth Portfolio 3D Technology 3D Growth Momentum Transformation Innovation Culture Strategy 2020 Broad-based Approach to Innovation KEEP THE CORE HEALTHY GROW MARKET SHARE Product & Product Marketing Superiority EXPAND MARGIN ACCELERATE GROWTH New Product Platforms & Cost-o-vation Adjacency Expansion *Cost-o-vation is a term used at Clorox that describes innovation that reduces cost while delivering improved product performance Superior Products Disproportionately Invest Behind Higher Return Opportunities Cash Generator Growth Drivers Drive 60:40 wins Market Economics Market Growth Potential Focus on Clorox Home Care International : 20% Cleaning : 32% Home Care 17% International 20% Burt's Bees 4% Laundry 10% Brita 4% Professional 5% Food 9% Glad 14% Charcoal 10% Litter Lifestyle : 17% 7% Household : 31% 3D Innovation to Grow Category and Share Clorox Disinfecting Wipes New VALUE campaign More merchandising Multiple new launches with stronger in FY15 disinfecting message Strong Disinfecting & Surface Extension Message Driving Household Penetration with Cold & Flu Activation • Increased focus educating consumers on how to keep their families healthy • Increased TV & Digital advertising with flu-specific messages • CDW merchandising with secondary placement 3D Innovation to Grow Category and Share Clorox Disinfecting Wipes New VALUE campaign More merchandising Multiple new launches with stronger in FY15 disinfecting message P52 W P13 W Dollars Jan 18, 2015 Jan 18, 2015 TTL Wipes Category +9.0pts +14.6pts Clorox Wipes Share -0.4pts +2.6pts Source: IRI Infoscan Data - Total U.S. Multi-Outlet (Food/Drug/Mass + Walmart + Sam's + BJ's + Family Dollar + Dollar General + Fred's + DeCA.) Cleaning Behaviors Have Evolved 1960s 1980s 2000s Today Right Tool for Deep Cleaning Routine, Balance: Deep vs. In-The-Flow the Job Weekend Chores Quick Clean Cleaning in the Flow: New Clorox Scrub Singles For Kitchen and Bathroom Jan 2015 Launch Strong and flexible disposable pads Preloaded with Clorox® cleaner Powers through grease and soap scum Rinsable pad cleans multiple surfaces Replaces the Kitchen Sponge - #1 source of germs in the household* *Source: http://www.webmd.com/food-recipes/features/germs-in-kitchen Cleaning in the Flow: Clorox® ToiletWand Original Launch - 2004 #1 SKU in Toilet Cleaner Category (10ct refill) Preloaded with Clorox® cleaner Kills 99.9% of germs P52 W P13 W Dollars Jan 18, 2015 Jan 18, 2015 Clorox Share (CTBC)* +5.8pts +5.3pts ToiletWand Sales vs YA +7.0% +8.7% Source: IRI Infoscan Data - Total U.S. Multi-Outlet (Food/Drug/Mass + Walmart + Sam's + BJ's + Family Dollar + Dollar General + Fred's + DeCA.) *Share of Convenience Toilet Bowl Cleaner Category 3D Innovation to Grow Category and Share New marketing campaign More merchandising Multiple new launches highlighting VALUE with stronger message hitting the shelf in FY15 P52 W P13 W Dollars Jan 18, 2015 Jan 18, 2015 TTL Home Care Category +0.7pts +2.9pts Clorox Home Care Share +0.3pts +0.6pts Source: IRI Infoscan Data - Total U.S. Multi-Outlet (Food/Drug/Mass + Walmart + Sam's + BJ's + Family Dollar + Dollar General + Fred's + DeCA.) Focus on Litter International : 20% Cleaning : 32% Home Care 17% International 20% Burt's Bees 4% Laundry 10% Brita 4% Professional 5% Food 9% Glad 14% Charcoal 10% Lifestyle : 17% Litter Household : 31% 7% 3D Innovation – Cat Litter Demonstrate Incremental demand Innovation in FY15 Superior Benefits support behind stronger messaging Engaging Cat Owners on Fresh Step Lightweight Benefits Fresh Step Lightweight Execution at Target Delivered Over 90M Impressions! Fresh Step Lightweight Benefits Super absorbent Easier to carry & pour BEST ODOR CONTROL More Odor Control Less Odor Control Cat Litter Share Improving & Strong Category Growth Demonstrate Incremental spend Strong Innovation Superior Benefits behind stronger messaging P52